HomeMy WebLinkAbout2452RESOLUTtON NO. 2452
A RESOLUTION authorizing an interfund loan to the Roosevelt Capital Assets
Fund from the Equipment Rental Reserve Fund.
WHEREAS, the Roosevelt Capital Assets Fund has at this time a need for cash with
which to purchase certain real property commonly known as the "Old Salvation Army Building;
and
WHEREAS, the size and nature of this transaction does not lend itself to an external
Financing; and
WHEREAS, surplus cash in an mount sufficient to accommodate this property purchase
is presently on hand in the Equipment Rental Reserve Fund;
NOW, THEREFORE, let it be resolved that the City Treasurer is hereby authorized and
directed to make an interfund loan from the Equipment Rental Reserve Fund to the Roosevelt
Capital Assets Fund in an amount not to exceed $150,000. This loan shall bear interest at the rate
of five and three quarters (5 3/4) percent per annum and shall be payable in ten (10) equal annual
installments of principle and interest on December 31 each year commencing December 3 l, 1994.
ADOPTED by the City Council of the City of Bremerton this 5th day of January, 1994.
EILEEN FITZ, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk